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Accounting Policies of Yogi Infra Projects Ltd. Company

Mar 31, 2015

Not Available


Mar 31, 2014

1. Basis of preparation

The presentation of financial statements in conformity with the generally accepted accounting principles requires estimates and assumptions to be made that affect reportable amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the year in which the results are known/materialized.

The company has ascertained its operating cycle as up to twelve months for the purpose of current and non-current assets and liabilities.

2. Changes in Accounting Policy

2. Presentation and disclosure of financial statements

Consequent to the notification of Revised Schedule - VI under the companies act, 1956, the financial statements for the year ended March 31, 2014, are prepared as per the Revised Schedule VI.

3. Use of estimates

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, at the end of the reporting period. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

4. Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost, less accumulated depreciation and impairment cost, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

5. Investments

Investments which are not readily realizable and intended to be held for more than one year from the date on which such investments are made, are classified as non-current investments.

Investments are recorded as cost on the date of purchase, which includes acquisition charges such as brokerage, stamp duty, taxes etc. Current investments are stated at lower of cost and net realizable value.

6. Inventories

Inventories comprising shares are valued at lower of Cost and NRV.

Further the cost is determined on FIFO basis. The cost of shares represents the purchase price of share which is inclusive of brokerage.

7. Revenue Recognition

Income is recognized from Land Development Works and Sub Contract in the financial year in which the agreement to sell is executed with the concerned buyer and recognized net of service tax, and it is probable that economic benefits will flow to the company and the revenue can be reliably measured.

In respect of shares sales are recognized on transfer of significant risk to the buyer on accrual basis which comprises two categories namely delivery based and non delivery based.

Interest income is recognized on a time proportion basis taking into account the amount outstanding and applicable interest rate.

Dividend income is recognized in the year in which it is received.

8. Income taxes

MAT credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the Minimum Alternative tax (MAT) credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountants of India, the said asset is created by way of a credit to the statement of profit and loss account and shown as MAT Credit Entitlement. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal income tax during the specified period.

9. Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period. Earning considered in ascertaining the company''s earning per share (EPS) is the net profit for the period after deducting preference dividend and any attributable tax thereto for the period. The weighted number of equity shares outstanding during the period and for all periods presented each adjusted for the events such as bonus shares, other then the conversion of potential Equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

10. Cash and cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand.

12. Contingent Liabilities and commitments

Contingent liabilities are classified as claims not acknowledged as debts, guarantees or other money for which the company is contingently liable as per the provisions of Income Tax Act, 1961.

According to the information given to us, there are following dues to income tax which have not been deposited on account of any dispute.

Sr. Financial Amount(Rs.) Remarks No. Year

01. 1994-95 54,73,988 Appeal Pending with ITAT, Ahmedabad

02. 1995-96 8,65,427 Appeal Pending with ITAT, Ahmedabad

13. Prior Period Items

Interest for the financial year 2012-2013 of Rs. 223,693/- has been reversed during the current year and has been debited to the Interest A/c in the Profit & Loss Statement.

14. Employee benefits

Employee benefits include Salaries and wages to employees, Director''s Remuneration, Bonus and Staff Welfare Expenses.

15. Deferred Tax

No deferred tax liability has been provided during the year as the amount is very negligible.

16. Conservation Of Energy, Technology Absorption, And Foreign Exchange Earnings And Outgo:

Disclosure under section 217(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of particulars in the report of the Board of Directors) Rules, 1988 are as follows:

(i) Conservation of Energy:

Since the Company has not undertaken any business during the year, hence there is no question of energy conservation.

(ii) Technology Absorption:

No Technology has been developed or imported by way of foreign collaboration.


Mar 31, 2013

(a) Basis of preparation

The presentation of financial statements in conformity with the generally accepted accounting principles requires estimates and assumptions to be made that affect reportable amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the year in which the results are known / materialized.

The Company has ascertained its operating cycle as up to twelve months for the purpose of current and non-current assets and liabilities.

(b) Presentation and disclosure of financial statements

Consequent to the notification of Revised Schedule - VI under the companies act, 1956, the financial statements for the year ended March 31, 2013, are prepared as per the Revised Schedule VI.

(c) Use of estimates

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, at the end of the reporting period. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

(d) Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost, less accumulated depreciation and impairment cost, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

There are no fixed assets as on 31.03.2013.

(e) Investments

Investments which are not readily realizable and intended to be held for more than one year from the date on which such investments are made, are classified as non-current investments.

Investments are recorded at cost on the date of purchase, which includes acquisition charges such as brokerage, stamp duty, taxes etc. Current investments are stated at lower of cost and net realizable value.

(f) Inventories

Inventories comprising shares are valued at lower of Cost and NRV.

Further the cost is determined on FIFO basis. The cost of shares represents the purchase price of share which is inclusive of brokerage.

(g) Revenue Recognition

Income is recognized from Land Development Works and Sub Contract in the financial year in which the agreement to sell is executed with the concerned buyer and recognized net of service tax, and it is probable that economic benefits will flow to the Company and the revenue can be reliably measured.

In respect of shares sales are recognized on transfer of significant risk to the buyer on accrual basis which comprises two categories namely delivery based and non delivery based.

Interest income is recognized on a time proportion basis taking into account the amount outstanding and applicable interest rate.

Dividend income is recognized in the year in which it is received.

(h) Income taxes

MAT credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the Minimum Alternative tax (MAT) credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountants of India, the said asset is created by way of a credit to the statement of profit and loss account and shown as MAT Credit Entitlement. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal income tax during the specified period.

( i ) Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period. Earning considered in ascertaining the Company''s earnings per share (EPS) is the net profit for the period after deducting preference dividend and any attributable tax thereto for the period. The weighted number of equity shares outstanding during the period and for all periods presented each adjusted for the events such as bonus shares, other than the conversion of potential Equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

(= Cash and cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand.

(k) Related Party Transactions

Name of the Party: Moongipa Development and Infrastructure Ltd Outstanding Payable: Rs. 2,96,72,041/-

(I) Contingent Liabilities and commitments

Contingent liabilities are classified as claims not acknowledged as debts, guarantees or other money for which the Company is contingently liable as per the provisions of Income Tax Act, 1961.

According to the information given to us, there are following dues to income tax which have not been deposited on account of any dispute.

Sr. No. Financial Year Amount (Rs.) Remarks_

01 1994-95_ 54,73,988 Appeal Pending with ITAT, Ahmedabad

02. 1995-96 8,65,427 Appeal Pending with ITAT, Ahmedabad

(m) Employee benefits

Employee benefits include Salaries and wages to employees, Director''s Remuneration, Bonus and Staff Welfare Expenses.

(n) Conservat ion Of Energy, Technology Absorpt ion, And Fore ign Exchange Earnings And Outgo:

Disclosure under section 217(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of particulars in the report of the Board of Directors) Rules, 1988 are as follows:

(i) Conservation Of Energy:

Since the Company has not undertaken any business during the year, hence there is no question of energy conservation.

(ii) Technology Absorption:

No Technology has been developed or imported by way of foreign collaboration.

(iii) Foreign Exchange Earnings And Outgo:

During the year under review, the Company has not incurred any expenditure in foreign currency nor has earned any foreign exchange income.


Mar 31, 2012

(a) Basis of preparation

The presentation of financial statements in conformity with the generally accepted accounting principles requires estimates and assumptions to be made that affect reportable amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the year in which the results are known / materialized.

The company has ascertained its operating cycle as up to twelve months for the purpose of current and non-current assets and liabilities.

2. Changes in Accounting Policy

Presentation and disclosure of financial statements

(a) The financial statements for the year ended 31 March 2012, had been prepared as per the then applicable pre-revised schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule - VI under the Companies Act, 1956, the financial statements for the year ended March 31, 2012, are prepared as per the Revised Schedule VI. The adoption of Revised Schedule VI for previous year figures does not impact any recognition and measurement principles followed for the preparation of financial statements.

(b) Use of estimates

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, at the end of the reporting period. Although these estimates are based on the management's best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

(c) Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost, less accumulated depreciation and impairment cost, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

No depreciation has been charged during the year as per the provision of companies Act, 1956 as the asset comprising freehold office equipment was written off during the year. Subsequently no depreciation as per Income Tax Act has been accounted for.

(d) Investments

Investments which are not readily realizable and intended to be held for more than one year from the date on which such investments are made, are classified as non-current investments.

Investments are recorded as cost on the date of purchase, which includes acquisition charges such as brokerage, stamp duty, taxes etc. Current investments are stated at lower of cost and net realisable value.

(e) Inventories

Inventories comprising shares are valued at lower of Cost and NRV.

Further the cost is determined on FIFO basis. The cost of shares represents the purchase price of share which is inclusive of brokerage.

(f) Revenue Recognition

Income is recognized from Land Development Works and Sub Contract in the financial year in which the agreement to sell is executed with the concerned buyer and recognized net of service tax, and it is probable that economic benefits will flow to the company and the revenue can be reliably measured.

In respect of shares sales are recognized on transfer of significant risk to the buyer on accrual basis which comprises two categories namely delivery based and non delivery based.

Interest income is recognized on a time proportion basis taking into account the amount outstanding and applicable interest rate.

Dividend income is recognised in the year in which it is received.

(g) Income taxes

MAT credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the Minimum Alternative tax (MAT) credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountants of India, the said asset is created by way of a credit to the statement of

profit and loss account and shown as MAT Credit Entitlement. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal income tax during the specified period.

(h) Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period. Earning considered in ascertaining the company's earning per share (EPS) is the net profit for the period after deducting preference dividend and any attributable tax thereto for the period. The weighted number of equity shares outstanding during the period and for all periods presented each adjusted for the events such as bonus shares, other then the conversion of potential Equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

(i) Cash and cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand.

G) Related Party Transactions

Name of the Party: Moongipa Development and Infrastructure Ltd

Outstanding Receivable: Rs. 55,14,693/-

(k) Contingent Liabilities and commitments

Contingent liabilities are classified as claims not acknowledged as debts, guarantees or other money for which the company is contingently liable as per the provisions of Income Tax Act, 1961.

(I) Employee benefits

Employee benefits include Salaries and wages to employees, Director's Remuneration, Bonus and Staff Welfare Expenses.

(m) Conservation Of Energy, Technology Absorption, And Foreign Exchange Earnings And Outgo:


Mar 31, 2011

Basis for preparation of Financial Statements

The financial statements are prepared under the historical cost convention in accordance with the generally accepted in accounting principles in India including the mandatory accounting standards issued by The Institute of Chartered Accountants of India (ICAI) and referred to in Section 211 (3C) of The Companies Act, 1956 (The Act). The significant accounting policies are as follows :

REVENUE RECOGNITION

Income and expenditure are recognized on accrual basis and works contract income is recognized upon completion of work/Contract. Dividend income is recognized as and when received.

DEPRECIATION

Depreciation on fixed assets is provided on written down value.

LOANS TO COMPANIES/FIRMS

There are no loans given by the Company.

MISCELLANEOUS EXPENDITURE

The company does not have any preliminary expenses.

PROVIDENT FUND

The Company is not covered under The Provident Fund Act.

PRIOR PERIOD ITEMS

Prior period items having material impact on the financial affairs of the company have been disclosed.

OTHER ACCOUNTING POLICIES

These are consistent with generally accepted accounting policies.


Mar 31, 2010

Basis for preparation of Financial Statements

The financial statements are prepared under the historical cost convention in accordance with the generally accepted in accounting principles in India including the mandatory accounting standards issued by The Institute of Chartered Accountants of India (ICAI) and referred to in Section 211 (3C) of The Companies Act, 1956 (The Act). The significant accounting policies are as follows :

REVENUE RECOGNITION

Income and expenditure are recognized on accrual basis in case of works contract income is recognized upon completion of work/Contract. Dividend income is recognized as and when received.

EXPENDTURE

Expenses are accounted on accrual basis and provision is made for all known losses and liabilities.

DEPRECIATION

Depreciation on fixed assets is provided on written down value.

LOANS TO COMPANIES/FIRMS

There are no loans given by the Company.

MISCELLANEOUS EXPENDITURE

The company does not have any preliminary expenses.

PROVIDENT FUND

The Company is not covered under The Provident Fund Act.

PRIOR PERIOD ITEMS

Prior period items having material impact on the financial affairs of the company have been disclosed.

OTHER ACCOUNTING POLICIES

These are consistent with generally accepted accounting policies.

 
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